A jailed fraudster and his wife have lost a bid to go the Supreme 
Court in a $4 million case brought against them by 20 of their 
out-of-pocket clients.
The decision exhausts the couple's appeal rights and follows 
Nelson investment adviser Tony Mount recently failing to
 overturn his criminal convictions for fraud.
Tony Mount was sentenced last
December to six years nine months' jail after being found guilty of 
76 fraud charges, including for theft by a person in a special 
relationship and obtaining by deception.
Prior to his jailing, 20 of Mount's former clients took civil action 
against him, his wife and their company, alleging
 they acted dishonestly.
The couple operated a Nelson financial consultancy for more 
than two decades and invested money on their clients' behalf.
In the action, the former clients alleged funds were missing and 
that the values of some investments were overstated, 
which meant the Mounts had claimed fees they were not 
entitled to.
As well as this, they accused the Mounts of keeping the
 proceeds of some investments for their 
own personal benefit.
The investors filed for summary judgment against the 
Mounts and their company, which was heard in the 
High Court at Nelson in 2013.In his decision on the 
matter, Associate Judge John Matthews found the
 Mounts had breached their duties, including to 
act honestly in their dealings with the clients 
and not defalcate their money. He was also satisfied 
that, as a consequence, the clients had suffered losses.
He entered judgment in the clients' favour for close 
to $3 million, with interest, which brought the total 
award to over $4 million.
The Mounts failed to challenge the decision at the 
Court of Appeal, and only reduced the amount 
awarded against them by close to $55,000.While 
they then attempted to take the case to the 
Supreme Court, the Mounts were denied leave 
to appeal by Justices William Young, Terence 
Arnold and Mark O'Regan on Friday.
"We see no issue of general importance in the 
proposed appeal and no appearance of a 
miscarriage of justice," the trio said.
The couple's $900,000 former home has 
already been sold to satisfy the High Court 
judgment and the proceeds shared among 
the former clients.
The group's lawyer, Rick Farr, today would not
 reveal how many cents in the dollar they had got back.
In a separate decision, the Court of Appeal 
last month turned down Mount's attempts
 to overturn his convictions.
Mount had argued he did not have a fair trial
 because he represented himself and was not 
given sufficient assistance. The three appellate 
judges disagreed and said they were satisfied 
the defence was adequately conducted without 
the assistance of a lawyer.
They dismissed the appeal but reduced Mount's 
sentence by nine months to six years' jail.

CULLED FROM NZ HERALD